Please refer the enclosed file.

HZL/2026-27/SECY/100 October 23, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Plot No., C/l, G Block Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Kind Attn: General Manager – Department Kind Attn: Head Listing & Corporate of Corporate Services Communication Scrip Code: 500188 Trading Symbol: HINDZINC Dear Sir/Ma’am, Sub: Earnings call Transcript for the second quarter and half year ended September 30, 2026 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the earnings call held on Monday, October 19, 2026, with regard to the financial performance of the Company for the second quarter and half year ended September 30, 2026. The same is also made available on the Company’s website at https://www.hzlindia.com/investors/results-and-reports. You are requested to take the above information on record. Thanking You, Yours faithfully, For Hindustan Zinc Limited Aashhima V Khanna Company Secretary & Compliance Officer Enclosed: as above Sensitivity: Public (C4) “Hindustan Zinc Limited Q2 FY27 Earnings Conference Call” October 19, 2026 MANAGEMENT: MR. AMARENDU PRAKASH – CHIEF EXECUTIVE OFFICER – HINDUSTAN ZINC LIMITED MR. AMIT GUPTA – CHIEF FINANCIAL OFFICER – HINDUSTAN ZINC LIMITED MS. RAKSHA JAIN – DIRECTOR, INVESTOR RELATIONS – HINDUSTAN ZINC LIMITED Page 1 of 9 Sensitivity: Internal (C3) Hindustan Zinc Limited October 19, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Second Quarter FY27 Earnings Conference Call hosted by Hindustan Zinc. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Ms. Raksha Jain, Director of Investor Relations of Hindustan Zinc. Thank you, and over to you. Raksha Jain: Thank you, operator. And good evening, ladies and gentlemen. Thank you for joining us today to discuss the second quarter and half-year results of FY27. In this call, we will refer to our investor presentation available on our company's website. Please note that today's entire discussion will be covered by the Safe Harbour clause mentioned on slide two of the presentation. Today's call is joined by our CEO, Mr. Amarendu Prakash, and our CFO, Mr. Amit Gupta, who will also be interacting with you during the call. The management will be discussing the operational and financial updates for the quarter, followed by a Q&A session. Now, I would like to invite Mr. Amarendu Prakash to present the results. Over to you, sir. Amarendu Prakash: Thank you, Raksha. A very good evening to all of you. Thank you for joining us today. Happy to report that we are sustaining our strong momentum in the second quarter, delivering solid operational and financial performance while we continue to focus on our strategic priorities. Our cost competitiveness and disciplined execution has helped us in sustaining this momentum. If I look at how we define our success, of course, safety remains a core measure of our operating performance. In this quarter, we have recorded zero fatalities across the whole operations. We are committed to achieving net-zero by 2050, as already informed. We are increasing our renewable energy basket. In this quarter, the renewable energy accounted for 27% of our power consumption, which we intend to take to 35% in the quarters to come. In one of our subsidiaries, HZAPL, Hindustan Zinc Alloys Private Limited, I'm happy to report that that subsidiary is using 100% renewable power now. We also introduced our first Electric Crane at Rajpura Dariba Complex and first Electric Cherry-Picker at Rampura Agucha. Further, we are entering partnerships with different agencies to continue our ESG drive. We have tied up for a high-density plantation at Chanderiya Lead-Zinc Smelter and also entered an MoU to deploy further 30 electric vehicles for material movement. I'm pleased to share that our ESG reporting suite, that is Sustainability Report, Climate Action Report, and TNFD Report, is all available on our website. Similarly, our CSR initiatives continue Page 2 of 9 Sensitivity: Internal (C3) Hindustan Zinc Limited October 19, 2026 to deliver meaningful impact. As a highlight, I would like to inform that we added almost 3,000 Nand Ghars across Rajasthan, thereby taking our overall presence of Nand Ghars in the country to 12,263. Looking at the market environment, India's growth outlook remains strong. GDP projections are in the range of 6.4% in 2026 and 6.7% in 2027. As we know, this is well above the global growth rate projections of 3% and 3.4%, respectively. This has been possible, in part, through the government capital expenditure, which has risen 2.6x over last six years. In FY27 also, the government capital expenditure is budgeted at approximately 4.4% of GDP. Coming to our industry, zinc fundamentals remain strong, with 2026 forecasted refined zinc demand is at 13.87 million tons, whereas the supply outlook is at 13.69 million tons. That means there's almost a 180 KT deficit in the market. New projects are limited, as we hear, and mine closures and declining grades will mean that over the next decade, we see the markets remaining tight, whereas infrastructure growth, urbanization, electrification indicates an annual demand growth in the market. Silver, again, is expected to remain in deficit for the sixth consecutive year in 2026. The overall shortfall is projected at about 1.44 thousand tons. The industrial demand of silver is increasing. As we look at -- as you all know, we have been looking at new-tech and new-tech markets, but now, the world is realizing that old-age minerals and metals are what will actually make this new-tech industry feasible. Coming to the operational performance of the company, mined metal production has risen 5% year-on-year. This is the highest-ever second-quarter output. Similarly, our refined metal production has risen 7% year-on-year. And I'm happy to report that zinc cost of production is better by 29%. Our zinc cost of production in second quarter FY27 stands at $703 per ton. Zinc cost of production, we had guided earlier will be for the year we had guided for a projection of $975 to $1,000. However, looking at the current improvements in zinc cost of production, we are revising our COP guidance to $825 to $850 for the full year. Similarly, saleable silver production has risen 20% year-on-year. This stands at 173 tons in this quarter. This has contributed approximately 45% of first-half profitability, so it remains very important to us. Our industry-leading cost position, strong production, and favorable commodity prices have driven a record quarterly financial performance. Our EBITDA stands at INR9,285 crores, and the net profit is at a record level of INR6,412 crores. Going forward, our growth projects remain on track. Engineering and procurement for the 250 KTPA integrated zinc expansion is almost complete, and mine development is underway. Similarly, the 10 million tons per annum tailing reprocessing plant is also progressing as per plan. Page 3 of 9 Sensitivity: Internal (C3) Hindustan Zinc Limited October 19, 2026 Looking ahead, we remain focused on translating this momentum into sustained performance. For this, we will have a very disciplined execution of our expansion projects, further strengthen our cost leadership, and we will try to unlock greater value from our resources. Our growth is AI-driven and technology-led. We focus on AI in a big way, not just in implementing use cases of AI, but also making our process AI-native. Our strong start to FY27 reinforces our confidence in the strategy [Showing first 8,000 characters — download PDF for full document]